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Dec 24, 2012
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the end of the payroll tax cut and the impact of the hike in the minimum tax on january 1st. over the weekend, we did hear from some republican moderates who say it may in fact be time to make some kind of a move. >> the president's statement is right, no one wants taxes to go up on the middle class. i don't want them to go up on anybody. but i'm not in the majority in the united states senate and he's the president of the united states. >> now the focus shifted to mitch mcconnell. the senate taking the lead on a compromise with democrats, and something that can get some support among house republicans. carl? >> hampton, thank you very much. hampton pearson in washington. >> the gift that keeps on giving. we're talking about market wisdom. what you need to know ahead of the opening bell. and whether you're a holiday traveler or investor, you want to hear about the state of the airline industry. let's take a look at futures one last time before the holiday shortened session. about ten points down on the dow. ally bank. why they have a raise your rate cd. tonight our guest, tho
the end of the payroll tax cut and the impact of the hike in the minimum tax on january 1st. over the weekend, we did hear from some republican moderates who say it may in fact be time to make some kind of a move. >> the president's statement is right, no one wants taxes to go up on the middle class. i don't want them to go up on anybody. but i'm not in the majority in the united states senate and he's the president of the united states. >> now the focus shifted to mitch mcconnell....
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Dec 27, 2012
12/12
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say they're voting to lower some taxes, and that makes a very big political difference. natalie? >> kelly o'donnell on capitol hill. thanks so much, kelly. for more now, we go to our chief white house correspondent and political director, chuck todd. chuck, is it all but inevitable now? are we going over the cliff? >> reporter: well, we're probably going over the cliff, but even when we go over, it's going to be temporary. but listen to that last point that kelly made. that adds to the silliness of what we are in right now, which is the last throes of these congressional shenanigans. we may get a deal. i talked to some folks on the senate side who think they can get a deal together in the next 48 hours, that there will probably be some meet nth white house in the next 24 to 367 hours. and it's possible they could cobble together something. but i did have others who said to me, particularly those on the house said that said you know what, it's almost easy irat this pointing to over the cliff. next week they get to be cutting taxes, where this week they're raising them, ev
say they're voting to lower some taxes, and that makes a very big political difference. natalie? >> kelly o'donnell on capitol hill. thanks so much, kelly. for more now, we go to our chief white house correspondent and political director, chuck todd. chuck, is it all but inevitable now? are we going over the cliff? >> reporter: well, we're probably going over the cliff, but even when we go over, it's going to be temporary. but listen to that last point that kelly made. that adds to...
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Dec 27, 2012
12/12
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could see his taxes go up by more than $2.4 million next year alone. and it's not just taxes. on january 1st, unemployment benefits expire for some 2 million people. >> we're joins here in new york by jon karl. chief white house correspondent, like the ring to it with your name. a lot of people are watching, saying, stop messing around in washington. that's a lot of tax money at stake here. >> reporter: and this would be the first big tax hike we've seen in more than 20 years, david. there's a lot of talk about a potential meeting at the white house. the president came all the way back from hawaii, cut short the vacation, left the family back. no meeting scheduled yet but i would expect you will see congressional leaders sometime over the next 24, 36 hours, come to the white house one last ditch effort to at least stop these tax hikes from going into effect and extend the unemployment benefits. butguarantee. >> and some speculation that meeting could be tomorrow. >> reporter: yes. >> we'll see. jon, thank you. the clock is ticking. >>> two more important political notes we're
could see his taxes go up by more than $2.4 million next year alone. and it's not just taxes. on january 1st, unemployment benefits expire for some 2 million people. >> we're joins here in new york by jon karl. chief white house correspondent, like the ring to it with your name. a lot of people are watching, saying, stop messing around in washington. that's a lot of tax money at stake here. >> reporter: and this would be the first big tax hike we've seen in more than 20 years,...
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Dec 27, 2012
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will pay more in payroll taxes. families making between 40 and $65,000 a year will have to pay an extra two grand to the government. gregg: coming up we'll talk with republican nick mulvaney whose house budget committee is obviously on the forefront of the fiscal talk. so we'll try to get the latest from him in just a moment. patti ann: meanwhile, gregg, we have new warnings from the treasury department that if a fiscal deal isn't reached our government will have to turn to extraordinary measures when the debt limit hits its ceiling. $16.4 trillion probably on monday. fox business network's stuart varney joins us now. hi, stu. you say this is the big story people aren't talking about? >> it is a sleeper issue, patti ann. on monday the government officially runs out of money and it can not borrow anymore. so it will have to shift all kind of cash around to make sure they can pay their bills and maybe they can do that for a couple of months. means you can kick the can, eight weeks be maybe, until the absolute crunch c
will pay more in payroll taxes. families making between 40 and $65,000 a year will have to pay an extra two grand to the government. gregg: coming up we'll talk with republican nick mulvaney whose house budget committee is obviously on the forefront of the fiscal talk. so we'll try to get the latest from him in just a moment. patti ann: meanwhile, gregg, we have new warnings from the treasury department that if a fiscal deal isn't reached our government will have to turn to extraordinary...
WHUT (Howard University Television)
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Dec 31, 2012
12/12
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do it we do it by keeping tax rates low for the rich? and ultimately we have to decide as a community who has to foot the bill to get us back on solid financial ground. and so there's a lot of religious groups have said, "yes, we need to do something about our fiscal mess, but we cannot do it in an immoral way and we cannot do it in a way that punishes the people who can least afford it, and rewards the people who can." >> one of the things that's gonna be coming up is the realization more and more of what's in the obama healthcare plan as things begin to kick in. who wants to pick up on that, on the requirement that, for instance, that groups offer contraceptive coverage? >> well, that's gonna be very controversial and that's gonna come up again very early in this year because the mandate that came down from the obama administration that employers cover contraceptive services free of charge and that includes many faith-based employers, and so you had this coalition of catholic church and also a lot of evangelical groups saying, "this vi
do it we do it by keeping tax rates low for the rich? and ultimately we have to decide as a community who has to foot the bill to get us back on solid financial ground. and so there's a lot of religious groups have said, "yes, we need to do something about our fiscal mess, but we cannot do it in an immoral way and we cannot do it in a way that punishes the people who can least afford it, and rewards the people who can." >> one of the things that's gonna be coming up is the...
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Dec 26, 2012
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keep those tax rates where they are. not raise taxes and boehner rejected that. he had opportunity -- excuse me, i'm still talking. he has opportunity now to do exactly what the republicans say they want and boehner rejects it. >> it is beyond revenue. it is about spending. that is our problem. >> you can stop going over cliff first of the year. >> what about spending that got us in bind we're in? none of the revenue that will be generated will make a dent in our spending especially the 6 trillion the president has --. patti ann: brad, democrats are arguing, you know obama won re-election and that means voters prefer his economic strategy and it is really the republicans obligation to bend here. what do you say to that? >> that is nonsense. the president has no mapped date. if anything, we have more division today than we did back on election day. the electorate may have wanted divided governing but they're not going to expect the kind of gridlock we've had the last four years. look they control the senate and white house. when the president controlled all branch
keep those tax rates where they are. not raise taxes and boehner rejected that. he had opportunity -- excuse me, i'm still talking. he has opportunity now to do exactly what the republicans say they want and boehner rejects it. >> it is beyond revenue. it is about spending. that is our problem. >> you can stop going over cliff first of the year. >> what about spending that got us in bind we're in? none of the revenue that will be generated will make a dent in our spending...
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Dec 31, 2012
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the tax impact for the average american family is more than $3400. senate leaders continue to work on the stop gap bill. the sticking points remain. >> there is still significant distance between the two sides. negotiations continue. >> negotiations will continue through the night. now with just hours to go until the deadline. abc news, washington. >>> as the government teeters on the edge of the fiscal cliff, you might want to change your tax strategy. coming up at 11:35, advice from 7 on your side's michael finney. >>> the leaders in the house and the senate did agree on something today. they extended the 2008 farm bill for one more year. that bill expired in october. milk prices could have doubled to $7 a gallon next month if lawmakers failed to extend it. the agreement prevents the government from returning to a 1948 formula to set milk prices. some economists call this the dairy cliff. >>> today was the last sunday for free meter parking in san francisco. next sunday you will have to pay from noon to 6:00 p.m. atish ifer man's wharf from noon un
the tax impact for the average american family is more than $3400. senate leaders continue to work on the stop gap bill. the sticking points remain. >> there is still significant distance between the two sides. negotiations continue. >> negotiations will continue through the night. now with just hours to go until the deadline. abc news, washington. >>> as the government teeters on the edge of the fiscal cliff, you might want to change your tax strategy. coming up at 11:35,...
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Dec 27, 2012
12/12
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obama and congress can reach a deal by the new year, across-the-board tax increases and deep spending cuts will be automat liically taking effect. and while the president takes his red-eye flight back here to d.c., the first lady and their daughters are staying in hawaii. >> the first couple sat down with our very own barbara walters before their vacation. we pick up their conversation with talk about their family. >> i want to talk a bit about the girls. we've been watching them grow up from little girls to young ladies. malia recently got her first cell phone. do you monitor it and see who she calls or who she texts? >> i give my daughter, at this age, i give her a long rope. and there is monitoring, because we have rules. but monitoring may be, you never know when i'm going to walk in your room and i'm going to definitely ask you, who are you talking to? and are you talking about school work? >> and they're not very good at lying. we joke sometimes about how malia is getting to the age now, boys start calling and sort of -- i always talk about how one of the main incentives for run
obama and congress can reach a deal by the new year, across-the-board tax increases and deep spending cuts will be automat liically taking effect. and while the president takes his red-eye flight back here to d.c., the first lady and their daughters are staying in hawaii. >> the first couple sat down with our very own barbara walters before their vacation. we pick up their conversation with talk about their family. >> i want to talk a bit about the girls. we've been watching them...
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Dec 31, 2012
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the alternative minimum tax kicks in, and several tax deductions expire, as well. nbc has more from capitol hill on the latest with the negotiations. daniel yel danielle, how are the talks going? >> reporter: there's been progress. at 11:00 a.m. the senate get back to work. when they do, they are not going to have a lot of time to come up with a deal to avoid spending cuts and tax increases. both sides are still divided, but before calling it quits yesterday, democratic leader harry reid said he hoped to have an announcement in the morning had the senate gets back to work. aides say they're specifically divided on what salary taxes should increase, but they say there was progress in terms of tax increases for the wealthiest of americans. also avoiding the inheritance tax increases. and democrats say that they're grateful that republicans have given up the demand for cuts to social security at least for now. now this progress has not come easy. democrats have accused republicans of being too stubborn on tax increases. and just yesterday, republicans slammed democrat
the alternative minimum tax kicks in, and several tax deductions expire, as well. nbc has more from capitol hill on the latest with the negotiations. daniel yel danielle, how are the talks going? >> reporter: there's been progress. at 11:00 a.m. the senate get back to work. when they do, they are not going to have a lot of time to come up with a deal to avoid spending cuts and tax increases. both sides are still divided, but before calling it quits yesterday, democratic leader harry reid...
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Dec 29, 2012
12/12
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point with many republicans resisting any tax increase at all. economists say the last-minute process calls into question washington's ability to deal with the hard issues of tax reform and deficit reduction. >> the prospects for the economy are incredibly dim until we put in place a bigger deal, tackle these challenges, and put some certainty into the economy and boost confidence. >> reporter: meanwhile, americans watched with worry and frustration. >> i think they're all failing us a great deal and i'm so sick and tired of them fighting. >> the equivalent of worried about your mortgage after you're already homeless. so it's, like i said, sad. they have a job to do and they're not doing it. >> reporter: now, with public pressure mounting, the house and senate are expected to be back in session tomorrow, ready for a vote that could impact the economy for better or for worse. kate? >> kristen welker at the white house. nbc's moderator of "meet the press" david gregory joins me now. as we've said, david, you sat down with president obama this after
point with many republicans resisting any tax increase at all. economists say the last-minute process calls into question washington's ability to deal with the hard issues of tax reform and deficit reduction. >> the prospects for the economy are incredibly dim until we put in place a bigger deal, tackle these challenges, and put some certainty into the economy and boost confidence. >> reporter: meanwhile, americans watched with worry and frustration. >> i think they're all...
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Dec 28, 2012
12/12
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a lot of finger pointing and no answers as i said and just days remaining until tax increases and spending cuts all kick in and we all feel the pain. mike emanuel live with the news for us tonight on capitol hill. top democrats seem to be suggesting they cannot cut a deal without republican help. >> well, harris, that is right. and so they are asking what it will take to at least get some republican support. they say time is so critical. they cannot just roll out new legislation only to have the republicans reject it. we know president obama called the top four congressional leaders last night on his way back from hawaii. tomorrow afternoon at the white house will be a meeting between the president and those top four congressional leaders and earlier the top senate democrat expressed concern or frustration saying you cannot legislate with yourself. >> the republicans in the house have left town. the negotiations between the president and the speaker have fallen apart as they have for the last three and a half years. we have tried mightily to get something done. >> now, perhaps in an effort
a lot of finger pointing and no answers as i said and just days remaining until tax increases and spending cuts all kick in and we all feel the pain. mike emanuel live with the news for us tonight on capitol hill. top democrats seem to be suggesting they cannot cut a deal without republican help. >> well, harris, that is right. and so they are asking what it will take to at least get some republican support. they say time is so critical. they cannot just roll out new legislation only to...
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Dec 31, 2012
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it's a tax on the value of the equipment or the land that has already been taxed with a property tax or a tax on the equipment. so there is a reason to have some accommodation in the death tax so that we will not face more unemployed people who work for a family-owned business or farm, and that is a -- it is if not the number-one issue of the farm bureau of this country, it's certainly in the top two or three because they know, they know what it's like to have to sell land that is not produive at a value that is not realistic and pay a tax, and a 55% tax is pretty confiscatory. so, mr. president, i do hope that we can come together on a bipartisan basis because if we don't come together on a bipartisan basis, nothing will get done bause we have the house that is looking to the united states senate, that is supposed to be the adult in the room, and they are looking at us to see how the votes turn out. and we need a large majority on both sides of the aisle to accepted to the houseomething that has a firm stamp of approval from this body. and we need the president to be a player here a
it's a tax on the value of the equipment or the land that has already been taxed with a property tax or a tax on the equipment. so there is a reason to have some accommodation in the death tax so that we will not face more unemployed people who work for a family-owned business or farm, and that is a -- it is if not the number-one issue of the farm bureau of this country, it's certainly in the top two or three because they know, they know what it's like to have to sell land that is not produive...
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Dec 27, 2012
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no agreement would mean spending cuts and historic tax hikes for virtually every american. >>> officials in newtown have a message for people who want to send gifts to the grief-stricken town. please don't. they say gifts have arrived in such numbers, they overwhelmed the small community's ability to process them. a fund established after the shooting to support newtown has grown to $3.5 million. >>> meanwhile, hundreds of schoolteachers plan to attend firearms training today in salt lake city. the 200 teachers come from districts across utah. they have volunteered for the concealed weapons training. organizers say in past years, only a few dozen teachers attended the training. they're expecting an overflow crowd because of this month's tragedy in newtown, connecticut. >>> west webster volunteer firefighters, who had been in guarded condition, are now being upgraded to satisfactory condition. the hospital released a statement on their behalf saying they're humbles and overwhelmed by the outpouring of well-wishes for us and our families, end quote. a police officer who was slightly injure
no agreement would mean spending cuts and historic tax hikes for virtually every american. >>> officials in newtown have a message for people who want to send gifts to the grief-stricken town. please don't. they say gifts have arrived in such numbers, they overwhelmed the small community's ability to process them. a fund established after the shooting to support newtown has grown to $3.5 million. >>> meanwhile, hundreds of schoolteachers plan to attend firearms training today...
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Dec 28, 2012
12/12
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KGO
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he could see his taxes go up by more than $2.4 million next year alone. and it's not just taxes. on january 1st, unemployment benefits expire for some 2 million people. and we've just learned the president will meet tomorrow at the white house with congressional leaders. one last ditch effort to get something done, david. >> jon karl, great to have you here in new york with us. >>> as you know, two more important political notes we're following. george h.w. bush remains in a hospital in houston for what a spokesman is now describing as a series of setbacks. the 88-year-old is said to be in guarded condition in intensive care, nursing an elevated fever. >>> and we're getting late word that norman schwarzkopf has died. stormin norman was commander during the first gulf war. and he was 78. >>> we turn now to that debate over gun control. last night here, the picture from los angeles, drivers lined up for blocks, returning guns for gift certificates. 2,000 guns returned. barely two weeks now after the newtown shootings, another debate. should teachers be allowed to bring guns to scho
he could see his taxes go up by more than $2.4 million next year alone. and it's not just taxes. on january 1st, unemployment benefits expire for some 2 million people. and we've just learned the president will meet tomorrow at the white house with congressional leaders. one last ditch effort to get something done, david. >> jon karl, great to have you here in new york with us. >>> as you know, two more important political notes we're following. george h.w. bush remains in a...
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Dec 29, 2012
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extending tax cuts for those making $250,000 or less. and continuing unemployment benefits for the millions who will lose them when the new year strikes. >> that's the bare minimum that we should be able to get done. >> reporter: it's clear whatever happens, there is no time, now, for a grand bargain on the even tougher issues. cutting spending and raising the debt ceiling. >> we're going to end up with a small, kick-the-can down the road bill, that creates another fiscal cliff to deal with this fiscal cliff. how irresponsible is that? >> reporter: and does washington still, the stock market burns. dropping for a sixth-straight day under this uncertainty. americans are burning up, too. >> this is america. they should be working for the american people. >> can't believe we got this close. >> get in a room and don't come out of the room until you've got this thing taken care of. >> reporter: what the senate leaders hope to do is put together this deal, bring it to the senate tomorrow. then, the house comes back in session tomorrow night. t
extending tax cuts for those making $250,000 or less. and continuing unemployment benefits for the millions who will lose them when the new year strikes. >> that's the bare minimum that we should be able to get done. >> reporter: it's clear whatever happens, there is no time, now, for a grand bargain on the even tougher issues. cutting spending and raising the debt ceiling. >> we're going to end up with a small, kick-the-can down the road bill, that creates another fiscal...
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Dec 31, 2012
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it's a tax on the value of the equipment or the land that has already been taxed with a property tax or a tax on the equipment. so there is a reason to have some accommodation in the death tax so that we will not face more unemployed people who work for a family-owned business or farm, and that is a -- it is if not the number-one issue of the farm bureau of this country, it's certainly in the top two or three because they know, they know what it's like to have to sell land that is not productive at a value that is not realistic and pay a tax, and a 55% tax is pretty confiscatory. so, mr. president, i do hope that we can come together on a bipartisan basis because if we don't come together on a bipartisan basis, nothing will get done because we have the house that is looking to the united states senate, that is supposed to be the adult in the room, and they are looking at us to see how the votes turn out. and we need a large majority on both sides of the aisle to accepted to the house something that has a firm stamp of approval from this body. and we need the president to be a player
it's a tax on the value of the equipment or the land that has already been taxed with a property tax or a tax on the equipment. so there is a reason to have some accommodation in the death tax so that we will not face more unemployed people who work for a family-owned business or farm, and that is a -- it is if not the number-one issue of the farm bureau of this country, it's certainly in the top two or three because they know, they know what it's like to have to sell land that is not...
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we have a governor focused on jobs and taxes. he's talking about gun confiscation. >> you can accomplish my -- publish my name if i don't pay taxes. >> these are people obeying the law. domestic violence victims, retired police. no way they should make this accessible for criminals and nut jobs. >> eric: have we heard from the paper? >> they are refuse to comment. >> no apologies, no we made a mistake. >> trace: and they haven't pulled the information. >> eric: have you contacted them. >> not recently but they know about my piece of legislation we got done in the assembly. >> this story is heating up on the internet, twitter and facebook. gregg ball, thank you very much. >> good to be here. >>> we have to leave it there. i'll see you on the five, 2.5 minutes or so. be right over there. [ male announcer ] this is joe woods' first day of work. and his new boss told him twongs -- cook what you love, and save your money. joe doesn't know it yet, but he'll wk his way up from busser to waiter to chef before opening a restaurant special
we have a governor focused on jobs and taxes. he's talking about gun confiscation. >> you can accomplish my -- publish my name if i don't pay taxes. >> these are people obeying the law. domestic violence victims, retired police. no way they should make this accessible for criminals and nut jobs. >> eric: have we heard from the paper? >> they are refuse to comment. >> no apologies, no we made a mistake. >> trace: and they haven't pulled the information....
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i'm going to call them obama tax cuts. will runs say no to voting for a tax cut? >> well, the interesting question is of course what this comes with. we're at the beginning of a conversation not at the end of a conversation. because we have to decide what to do with the bush tax cuts. that's one thing. we have to decide to do -- what to do with a trillion dollar of obamacare tax increases. very few people are talking about this but there's a trillion dollars of tax increases obamand ad demonstration passed before the last election and 90% of those hikes were delayed until after the president got himself reelected. then we have massive spending, $8 trillion in debt that obama's running up the next decade. republicans have several tools. right now we have very well leverage in the debate over the fiscal cliff because that stuff happens automatically but the idea of a debt ceiling increase, they've told obama if you want a trillion dollars in higher debt and he needs that eight times in the next decade, you have to cut spending a trillion dollars. >> here, i'll ask y
i'm going to call them obama tax cuts. will runs say no to voting for a tax cut? >> well, the interesting question is of course what this comes with. we're at the beginning of a conversation not at the end of a conversation. because we have to decide what to do with the bush tax cuts. that's one thing. we have to decide to do -- what to do with a trillion dollar of obamacare tax increases. very few people are talking about this but there's a trillion dollars of tax increases obamand ad...
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Dec 29, 2012
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CNNW
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the headline, you know, item is tax estimates. tax revenues and where tax rates will increase. what's the threshold. democrats have been saying that they would like tax increases to affect households that make $250,000 and more. they would also insist on extending unemployment benefits. they would like to see -- the president would like a delay in those automatic spending cuts, those massive spending cuts that congress set into motion that should hit beginning in the new year. and then also an increase in the estate tax, which is also planned to hit in the new year. republicans would like, in order to be able to vote for some sort of deal, to limit that threshold and where -- a limit the threshold where the tax increase hits so maybe instead of $250,000 maybe $400,000, a way to avoid that estate tax increase, they would like no delay in those spending cuts, so that they will start to hit in the new year. and they would like democrats to agree to pay for the unemployment benefits. now we don't know if -- which of these items would be in the deal they're working out today, except
the headline, you know, item is tax estimates. tax revenues and where tax rates will increase. what's the threshold. democrats have been saying that they would like tax increases to affect households that make $250,000 and more. they would also insist on extending unemployment benefits. they would like to see -- the president would like a delay in those automatic spending cuts, those massive spending cuts that congress set into motion that should hit beginning in the new year. and then also an...
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Dec 26, 2012
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minimum tax. there is an entire set of taxes that there are two methods of tax. if you're doing that, you're in a lower tax rate and certain things are not deductible for the alternative minimum tax. you can't deduct state income taxes or real estate taxes. so you really need to run the numbers for both years, look at some of the rate changes that you are going to know about, such as 3.8% investment income, medicare tax and other things, then make those decisions. >> gretchen: unfortunately, we don't know exactly what tax rate anyone is going to have because we still are in the fiscal cliff thing. you do recommend prepay state income taxes? >> if you're not in the amt, prepay state income taxes, prepay real estate taxes because you can get deductions. if you're deciding you want to save tacks for 2012. >> gretchen: prepay your 2013 mortgage so it can be included in 20 is it -- 2012. >> you can't pay your february one, but you can pay your january one because it's interest in december and you can g
minimum tax. there is an entire set of taxes that there are two methods of tax. if you're doing that, you're in a lower tax rate and certain things are not deductible for the alternative minimum tax. you can't deduct state income taxes or real estate taxes. so you really need to run the numbers for both years, look at some of the rate changes that you are going to know about, such as 3.8% investment income, medicare tax and other things, then make those decisions. >> gretchen:...
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Dec 29, 2012
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that fica tax break we received the last two years, so, you know, the tax increases inasmuch as you think, but we push these things to crisis because the politicians, the lobbyists every chance to donate to their campaign and that's why everything is a crisis. three out of the last four years we've gone into the new year not knowing what the tax rates are, and i will be particularly disappointed if we get a 12-month patch and get to do it again the end of this year. >> well, you know, we have the spending cuts, we have the tax increases and we also have this debt selling, hit the 16.4 trillion dollar federal debt limit monday, december 31st according to the treasury department, extraordinary measure has to take place, to continue borrowing, how will the markets react to that? >> well, you know, that's another thing that i believe we just want to start getting some fatigue from this news and it being the news event of the day. news events have no long-term impact on stock prices. while they may go down in the short-term, i would use that as a buying opportunity to get your money empl
that fica tax break we received the last two years, so, you know, the tax increases inasmuch as you think, but we push these things to crisis because the politicians, the lobbyists every chance to donate to their campaign and that's why everything is a crisis. three out of the last four years we've gone into the new year not knowing what the tax rates are, and i will be particularly disappointed if we get a 12-month patch and get to do it again the end of this year. >> well, you know, we...
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pay in taxes. below 10,000 they will pay an average of about $300 more. look down the chart a bit. those who make between 40 and 50,000 they will have to pay an extra $1,700 more. looking at the next set of numbers for wage earners, 50 to 75,000. they will have to find an extra $2,300 to send to washington. and if you managed to make over $200,000, if you go over that income mark, it will be a big jump up. you have to send a check to uncle sam for, on average, about 14,000 additional dollars. the highers wage earns 500,000 to a million they will pay an average of $34,000 more. over a million dollars, the irs will want 216,000 additional dollars from you on top of what you already pay in taxes. the upshot of all of this; >> you will have less money to spend in a very difficult economy with very little clarity on how the economy is going to pick up in the near future. even in the long run. we are entering into a very difficult economic environment, unfortunately. >> a wealth manager says need to aust
pay in taxes. below 10,000 they will pay an average of about $300 more. look down the chart a bit. those who make between 40 and 50,000 they will have to pay an extra $1,700 more. looking at the next set of numbers for wage earners, 50 to 75,000. they will have to find an extra $2,300 to send to washington. and if you managed to make over $200,000, if you go over that income mark, it will be a big jump up. you have to send a check to uncle sam for, on average, about 14,000 additional dollars....
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>> higher taxes and entitlement cuts. harris: before you go, i hear a huge however, in all of this and that's because the only thing you say would slow down a positive outlook is the federal government getting in the way. you know they're pretty good at that. >> look what happened, not only 12 months but really the last almost four years the economy should have been on a natural high. it has its own momentum, its own natural growth. unemployment has been historically terrible on these kind of recoveries. washington interfering with the natural growth of the economy. we do need to get them out of the way. we need them to make decisions give ground rules and make a head of steam. harris: you call white house, call congress, let us know how it works out. >> i've been down to washington and talked to political leaders. everybody is in one camp or the other. somebody has to give. we hope they compromise soon. harris: dominic, thank you, a financial advisor giving us advice today. thank you. >> have a great day. harris: you too
>> higher taxes and entitlement cuts. harris: before you go, i hear a huge however, in all of this and that's because the only thing you say would slow down a positive outlook is the federal government getting in the way. you know they're pretty good at that. >> look what happened, not only 12 months but really the last almost four years the economy should have been on a natural high. it has its own momentum, its own natural growth. unemployment has been historically terrible on...
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what are those tax increases? bush tax cuts expire at midnight tomorrow night and you'll wake up the next morning and face a higher tax rate unless congress acts. there's also a possibility of a $108 billion in spending cuts. this is largely the defense department as we talked about and also money that ends up in people's pockets. there's an economic impact. >> i misspoke, i said tuesday at midnight. tomorrow at midnight. >> yes, december 31. >> the money is personal for people. you start to talk about budging a household. for the average family? >> 3500 bucks is the income tax hit. >> above what they're paying. >> and additional 3500 for median income. that goes up dramatically the wealthier you are. tens of thousands of dollars more. you could on the hook for a real hit. >> the argument is the wealthy won't feel it but they won't spend it either. >> that's the point. a lot of those people paying higher taxes own small businesses and will opt not to hire and it will ripple through the economy. >> it hurts when i
what are those tax increases? bush tax cuts expire at midnight tomorrow night and you'll wake up the next morning and face a higher tax rate unless congress acts. there's also a possibility of a $108 billion in spending cuts. this is largely the defense department as we talked about and also money that ends up in people's pockets. there's an economic impact. >> i misspoke, i said tuesday at midnight. tomorrow at midnight. >> yes, december 31. >> the money is personal for...
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clearly, i don't want taxes to go up. taxes shouldn't go up on anyone. but to only raise taxes on those who are the top earners will only fund the government something like eight days. this is something that the american people need to understand and recognize. there are big failures going on in washington and people need to take notice and hold our politicians accountable. >> arthel: michael? >> if she's right and it's only eight days, why would the republicans hold every american taxpayer hostage for eight days' worth of a deal? there should be a deal on the tax part. it should happen in the next few hours. this is an artificial deadline created by a bunch of politicians two summers ago because they couldn't consume to an agreement. so that's why we're here on the new year's eve trying to figure out how not to have taxes go up by 99.7% of americans, which is what will happen come new year's day. that's why i think you're going to get it. the politician doesn't want to be the one to say i created the largest tax hike in history. >> arthel: so michael, w
clearly, i don't want taxes to go up. taxes shouldn't go up on anyone. but to only raise taxes on those who are the top earners will only fund the government something like eight days. this is something that the american people need to understand and recognize. there are big failures going on in washington and people need to take notice and hold our politicians accountable. >> arthel: michael? >> if she's right and it's only eight days, why would the republicans hold every american...
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for example, one big tax increase in the obama tax increase package is the capital gains tax rate is going to go up 58% on the higher income taxpayers. and so now in the last 50 years, every time the capital gains tax rate has been raised, capital gains revenues have declined rather than increased. and every time the capital gains tax rate has been cut, capital gains revenues increased rather than declined. and cbo has gotten it wrong every time over 50 years. and so whether you're deal -- what you're doing with obama is not just the expiration of the bush tax cuts, but obama tax goes into effect as well. the cap gains rate will go up 58% and this is going to lose revenue rather than gain revenue just as it has in the past. similarly, the tax increase on dividends. if the bush tax cut expires, along with the obamacare tax increase, the tax rate on dividends is going to increase -- actually triple. when bush cut the tax rate on dividends, dividends pay soared and so did the taxes napad on them as a result. if you reverse that tax cut and put the obamacare tax on top, dividends are goi
for example, one big tax increase in the obama tax increase package is the capital gains tax rate is going to go up 58% on the higher income taxpayers. and so now in the last 50 years, every time the capital gains tax rate has been raised, capital gains revenues have declined rather than increased. and every time the capital gains tax rate has been cut, capital gains revenues increased rather than declined. and cbo has gotten it wrong every time over 50 years. and so whether you're deal -- what...
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estate taxes. >> juliet: yeah. >> there are payroll tax issues. there's a whole host of alternative minimum tax that are important to small business owners. i have a lot of family business owners where the estate tax is very important to them. >> juliet: all right. bob russell, we appreciate you joining us today. it's obviously something that we all will be watching intently here at fox news channel. happy new year. all righty, coming up from the ice ages, punishment f, and banning bibles, the culture wars making news in 2012. we'll be right back. ♪ bye-bye miss american pie ♪ ♪ drove my chevy to the levee, but the levee was dry ♪ ♪ you lose through diet and exercise, alli can help you lose one more by blocking some of the fat you eat. let's fight fat with alli. ♪ >> and welcome back. as 2012 comes to a close, let's take a look at part two of some of the most important culture stories, clicked on the most on foxnews.com. >> dave: and fox radio correspondent here with a recap. todd, we remember the ice ages, essentially punished for doi
estate taxes. >> juliet: yeah. >> there are payroll tax issues. there's a whole host of alternative minimum tax that are important to small business owners. i have a lot of family business owners where the estate tax is very important to them. >> juliet: all right. bob russell, we appreciate you joining us today. it's obviously something that we all will be watching intently here at fox news channel. happy new year. all righty, coming up from the ice ages, punishment f, and...
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this is the average tax hit families will take on top of what they already pay in taxes. so those who make below 10,000 will pay an average of about $300. going to the bottom level there, those who make between 40 and 50,000, they will have to pay an extra $1700 on average. looking at next set of numbers for wage earners. 50 to 75,000, they will have to find an extra $2300 to send to washington. if you managed to make over $200,000 on the income mark it will be a big jump up, send a check to uncle sam for on average, about 14 thou additional dollars. and the highest wage earners, here are those numbers. if you make between $500,000 to a million, you will pay on average $34,000 more. and if you make over a million, the irs will want $216,000 additional dollars from you on top of what you already pay in taxes. one financial advisor tells fox that the uncertainty of it all is making families less willing to spend money before or after christmas and it is making businesses less willing to hire new employees. kelly? kelly: that is the uncertainty we've been talking molly. my f
this is the average tax hit families will take on top of what they already pay in taxes. so those who make below 10,000 will pay an average of about $300. going to the bottom level there, those who make between 40 and 50,000, they will have to pay an extra $1700 on average. looking at next set of numbers for wage earners. 50 to 75,000, they will have to find an extra $2300 to send to washington. if you managed to make over $200,000 on the income mark it will be a big jump up, send a check to...
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this will apply to taxes in 2012. it's one that's actually looking back a little bit and what's going to happen is you're going to see 30 million more americans be subjected to this tax that weren't before. in addition to that, we're also looking at the expiration of the payroll tax holiday. what that could mean is on the 1st of the year, the first paycheck that americans receive, it's going to be 2%, there's going to be 2% of taxes that will be higher in that paycheck. so less money coming than was before. last but not least, i want to highlight the earned income tax credit and also the child tax credit. those are two that help the low income and middle-class earners. those are going to go down in we go over the cliff. >> a lot of people are focused on those. when you talk about the first faycheck that we could see -- paycheck that we could see, give us a sense -- you've broken it down to different income levels. the first if you make $50,000. >> absolutely. we want to look by the numbers. that's how americans can re
this will apply to taxes in 2012. it's one that's actually looking back a little bit and what's going to happen is you're going to see 30 million more americans be subjected to this tax that weren't before. in addition to that, we're also looking at the expiration of the payroll tax holiday. what that could mean is on the 1st of the year, the first paycheck that americans receive, it's going to be 2%, there's going to be 2% of taxes that will be higher in that paycheck. so less money coming...
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joseph kennedy limited from vancouver refuse to pay the excise tax. people say there's the proof. there's a smoking gun. i looked at the business record the business directories in vancouver and discovered that it's david joseph kennedy who said in vancouver, have been born in vancouver, so no, no bootlegging of any sort. here and the local press. >> as you talk about the relationship between joe kennedy and his son john and to what extent john kennedy knew of his father's relationships multiple women and whether that influenced him to follow that same path. >> yes. [laughter] yes and i think there is no kennedys the audience. i think jack was much more predatory even than his father was. joe kennedy spent his -- joe kennedy had an arrangement muchly proves his father that i don't embarrass you and they do whatever i want. and he tried not to embarrass rose. i don't think jack had that same code. i think he embarrassed jackie in a way that is inexcusable. gloria swanson, one of the things i found as i went to austin, texas to see that gloria swanson papers. i teach phd students. i
joseph kennedy limited from vancouver refuse to pay the excise tax. people say there's the proof. there's a smoking gun. i looked at the business record the business directories in vancouver and discovered that it's david joseph kennedy who said in vancouver, have been born in vancouver, so no, no bootlegging of any sort. here and the local press. >> as you talk about the relationship between joe kennedy and his son john and to what extent john kennedy knew of his father's relationships...
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you know, for extending the bush tax cuts, is it 250,000 and above, that you let the taxes go up, is it 400, 500,000, ultimately what it comes down to, harry reid says i can get enough votes from democrats to support this plan. >> and democrats say and republicans say that would be about the 1 percent-ers, so-called 1 percenters would hit that 400,000 a year maybe higher, up to 500,000, what revenue does this generate? we've been hearing about this for a long time. what does it actually generate? well, if we take about 12.4 days to run the federal government, that's the amount of money extra that the government would bring in to run the federal government. that's how much we spend in 12 days. so, all of this fighting back and forth, that's why so much is being said or lack of-- i guess i should say, lack of being said about cuts. and the real way we can grow this economy is cuts. get all of this out of control spending in place first. >> dave: right, and just the conversation alone that we're now having, the american people are the loser in this deal because none of this talk is abou
you know, for extending the bush tax cuts, is it 250,000 and above, that you let the taxes go up, is it 400, 500,000, ultimately what it comes down to, harry reid says i can get enough votes from democrats to support this plan. >> and democrats say and republicans say that would be about the 1 percent-ers, so-called 1 percenters would hit that 400,000 a year maybe higher, up to 500,000, what revenue does this generate? we've been hearing about this for a long time. what does it actually...
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the tax impact for the average american family is more than $3400. senate leaders continue to work on the stop gap bill. the sticking points remain. >> there is still significant distance between the two sides. negotiations continue. >> negotiations will continue through the night. now with just hours to go until the deadline. abc news, washington. >>> as the government teeters on the edge of the fiscal cliff, you might want to change your tax strategy. coming up at 11:35, advice from 7 on your side's michael finney. ders in the hte did agree on something today. they extended the 2008 farm bill for one more year. that bill expired in october. milk prices could have doubled to $7 a gallon next month if lawmakers failed to extend it. the agreement prevents the government from returning to a 1948 formula to set milk prices. some economists call this the dairy cliff. >>> today was the last sunday for free meter parking in san francisco. next sunday you will have to pay from noon to 6:00 p.m. atish ifer man's wharf from noon until 7:00 p.m. the city set u
the tax impact for the average american family is more than $3400. senate leaders continue to work on the stop gap bill. the sticking points remain. >> there is still significant distance between the two sides. negotiations continue. >> negotiations will continue through the night. now with just hours to go until the deadline. abc news, washington. >>> as the government teeters on the edge of the fiscal cliff, you might want to change your tax strategy. coming up at 11:35,...
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there's a divide on taxes white house wants to raise tax rates on people making more than $250,000 a year, republicans would like to keep estate tax from going up. >> if we are not able to reach agreement, it would be dire. >> reporter: if there is no deal today, the average american family will ring in the new year with a $3400 tax hike. tahman bradley, abc7 news. >>> 5:38 now. the 49ers are on solid groin getting ready for a buy week, then playoffs. 9ers won the nfc west division 27-13 over arizona at the stick. thanks to the vikings beating the packers, 49ers will host a playoff game january 12th. sunday, running back gore set a franchise record scoring 51st rushing touchdown, smith appeared in the game, most likely his last as a 49er. >> it was almost, you couldn't be sure if that was a tribute or something else, it felt bad but kaepernick had a great day. >> the weather is looking great heading into your new year's eve celebrations tonight.@ y÷ >>> definitely going to be nice tonight, a lot of stars maybe high cloud or two, grab the heavy coat, going to be chilly. check out tem
there's a divide on taxes white house wants to raise tax rates on people making more than $250,000 a year, republicans would like to keep estate tax from going up. >> if we are not able to reach agreement, it would be dire. >> reporter: if there is no deal today, the average american family will ring in the new year with a $3400 tax hike. tahman bradley, abc7 news. >>> 5:38 now. the 49ers are on solid groin getting ready for a buy week, then playoffs. 9ers won the nfc west...
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forcing tax increases and lactose intolerance on america this morning. jon by the way has a big show. senators chuck schumer and jon kyl on "this week." a lot of news developing overnight. we go to mr. ron claiborne who has extraordinary videotape. >> out of russia. a plane crash outside of moscow. we'll begin with this stunning video. the plane overshot the runway and careened into traffic and abc has the story. >> reporter: you're about to see the terrifying moment of impact as the russian passenger jet slams into a busy highway. watch again. you can see the plane's tire colliding with the moving car. and listen closely. you can hear the squealing brakes and crushing metal. the crash took place on saturday at an airport outside moscow. the red wing's airline's flight broke through a barrier fence shattering into three pieces and bursting into flames before skidding to a stop at the edge of the highway. witnesses rushed to pull survivors out of the wreckage. the russian made tupolev 204 was flying back from the czech republic with no passengers and eigh
forcing tax increases and lactose intolerance on america this morning. jon by the way has a big show. senators chuck schumer and jon kyl on "this week." a lot of news developing overnight. we go to mr. ron claiborne who has extraordinary videotape. >> out of russia. a plane crash outside of moscow. we'll begin with this stunning video. the plane overshot the runway and careened into traffic and abc has the story. >> reporter: you're about to see the terrifying moment of...
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estate tax in familiar. and it was at 35% right now. democrats wanted to raise it to 45%. it looks like it will be 40%, beginning with $5 million. above my head. >> senate getting ready to vote now and then goes to the house and we'll see what happens there. >> yes. and they reconvene at noon today. no football games for them, right? >>> this holiday will be another day in the hospital for secretary of state hillary clinton after doctors discovered a blood clot in her head. she's being treated in a manhattan hospital. wendy has the latest from new york. >> reporter: hillary clinton's doctors say they detected a clot in the vein between her brain and skull. >> if it dislodges, it could cause a stroke. doctors say there's no sign of that right now. >> reporter: it did not result in a stroke or neurological damage. she's being treated with blood thinners to help dissolve the clot. she's expected to make a full recovery. the doctors add that she's in good spirits and is making excellent progress. clinton's medic
estate tax in familiar. and it was at 35% right now. democrats wanted to raise it to 45%. it looks like it will be 40%, beginning with $5 million. above my head. >> senate getting ready to vote now and then goes to the house and we'll see what happens there. >> yes. and they reconvene at noon today. no football games for them, right? >>> this holiday will be another day in the hospital for secretary of state hillary clinton after doctors discovered a blood clot in her head....
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>> the biggest question here is, big tax increases for everybody. the automatic spending cuts to the pentagon have huge ramifications. and most economists would say if this happens, there's major risk that the economy goes back into recession. >> jon karl, not the news we wanted to hear. thank you. >>> now to paula faris with the top stories. good morning. >> merry christmas eve to both of you. good luck with the shopping. >> we need it. >>> we begin in afghanistan. for the first time ever, a female officer is the one who opened fire. an afghan policewoman shot and killed a u.s. military adviser just outside the police head quarters in kabul. >>> vietnamese fishermen rescued a florida man on a disabled yacht. he and three others were towing the yacht from the philippines when the tow rope broke. >>> a senator from idaho is apologizing this morning after he was arrested over the weekend for driving drunk. mike crapo has said previously he does not drink. >>> there's no evidence this morning we don't feel good about the economy. a new abc news/"washin
>> the biggest question here is, big tax increases for everybody. the automatic spending cuts to the pentagon have huge ramifications. and most economists would say if this happens, there's major risk that the economy goes back into recession. >> jon karl, not the news we wanted to hear. thank you. >>> now to paula faris with the top stories. good morning. >> merry christmas eve to both of you. good luck with the shopping. >> we need it. >>> we begin in...
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we need to not just raise taxes. if we give the president every tax increase that he wants. we need to address the spending. >> and the president has addressed that. no one is saying that there should be no spending cuts. >> ultimately. we have to find a bring here to get across. what are the ways we can agree on that will help us through that. i would would brry if we get do our fox holes and shoot across at each other. you know our international reputation is going to suffer. every other country in the world and watching this is going to say is america prepared to leave? >> you can't trust these guys, they are not up to it. >> if the nation slides into a resocial. i think the republicans will pay the biggest price in the beginning. the president so far has the fact is the republicans have been losing the message war on that. for its own sake it need to listen to the right of center not the nar right. right now, it has to act as if look, the country's needs come first. what do we need to do some protect the country's welfare. we thought it would come with the event of the e
we need to not just raise taxes. if we give the president every tax increase that he wants. we need to address the spending. >> and the president has addressed that. no one is saying that there should be no spending cuts. >> ultimately. we have to find a bring here to get across. what are the ways we can agree on that will help us through that. i would would brry if we get do our fox holes and shoot across at each other. you know our international reputation is going to suffer....
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there's divide on taxes. the white house wants to raise tax rates on people making will go up. >> if we're not able to reach an agreement, it will be dire. >> reporter: if there's though deal today, the average american family will start the year with a $3400 tax hike. paula and hn? >> tahman bradley reporting live from washington this morning. happy new year to you. >> same to you. >>> the president called the shooting at newtown was the worst day of his presidency. >>> a bus crash has killed nine people and injured others. the tour bus lost control on interstate 84 yesterday morning. it happens in a treacherous section of the blue mountains called dead man pass as the bus was heading back to vancouver from las vegas. the drive survived but was too badly injured to speak with police. >>> nasty weather being said to have caused dozens of accidents across the country. >> here's jim dickey. >>> these early morning temperatures this morning. 5 in burlington, 9 in portland. 18 in boston. now, we switch gears the
there's divide on taxes. the white house wants to raise tax rates on people making will go up. >> if we're not able to reach an agreement, it will be dire. >> reporter: if there's though deal today, the average american family will start the year with a $3400 tax hike. paula and hn? >> tahman bradley reporting live from washington this morning. happy new year to you. >> same to you. >>> the president called the shooting at newtown was the worst day of his...
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the alternative minimum tax kicks in and several tax deductions will also expire. nbc's danielle leigh is on capitol hill with the latest on the negotiation. danielle, what's the latest? >> reporter: good morning. there's been progress and at 11:00 a.m. this morning the senate is going to get back to work. when they do they will not have a lot of time to come up with a deal to avoid those spending cuts and tax increase. both sides are still divided but just before calling it quits yesterday democratic leader harry reid said he hoped to have an announcement in the morning when the senate gets back network. where are they divided? they are divided at what salary taxes should increase but there was progress on taxes for the wealthiest of americans and avoiding the inheritance increases and they are grateful that republicans have given up on demands for cuts to social security at least for now. now this progress has not come easy. democrats have accused republicans of being too suborn on tax increases. just yesterday republicans slammed democrats for failing to give th
the alternative minimum tax kicks in and several tax deductions will also expire. nbc's danielle leigh is on capitol hill with the latest on the negotiation. danielle, what's the latest? >> reporter: good morning. there's been progress and at 11:00 a.m. this morning the senate is going to get back to work. when they do they will not have a lot of time to come up with a deal to avoid those spending cuts and tax increase. both sides are still divided but just before calling it quits...
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tax relief. now the president said it well both on friday and today. if we can't, if they can't come to agreement within their own conference, if they continue to self-destruct before our eyes in their own conference, then minimally they have a responsibility as the president suggested to bring his proposal to the floor for an up or down vote on behalf of the american people. that's what we continue to focus on, putting the country back to work and the jobs that everybody knows will assist and aid in bringing down the deficit, the national debt while employing our people that are out of work and addressing the problems that are at hand including a tax break for the middle class. we can only hope that our colleagues come to their senses. i again think that john boehner is an honorable man. i think he has outside forces within his own conference that are working against him, but more importantly, working against the american people. it's our sincere hope that we're able to resolve this and get it d
tax relief. now the president said it well both on friday and today. if we can't, if they can't come to agreement within their own conference, if they continue to self-destruct before our eyes in their own conference, then minimally they have a responsibility as the president suggested to bring his proposal to the floor for an up or down vote on behalf of the american people. that's what we continue to focus on, putting the country back to work and the jobs that everybody knows will assist and...
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kona welcome to a business see a large loop oil has been discovered in greece's tax system embezzled money amounts to twenty eight billion euros per year that's equal to fifteen percent of the troubled economies g.d.p. now the international monetary fund is blaming businessmen government officials and even actors for neglecting to pay what they owe the country but apparently the fund believes it is impossible to return all of that money and suggests a write down fifty percent of it now while also adopting a law to automate the system deducting the from the embezzlers a bank account. of what's happening on the markets which we actually managed to show a bit earlier in the program or two steps forward one step back for russia is the ruble it has lost around three quarters of monday's gains versus both the dollar and the euro now on the russian stock markets it seems indeed not a creature was stirring not even a mouse as i said before russia traditionally celebrates christmas on the seventh of january so tuesday was a working day because it was pretty much the only market trading very l
kona welcome to a business see a large loop oil has been discovered in greece's tax system embezzled money amounts to twenty eight billion euros per year that's equal to fifteen percent of the troubled economies g.d.p. now the international monetary fund is blaming businessmen government officials and even actors for neglecting to pay what they owe the country but apparently the fund believes it is impossible to return all of that money and suggests a write down fifty percent of it now while...
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and america is great fun just the fiscal cliff is democrats and republicans over taxes. moscow says that the refusal of syria's key opposition coalition to enter into dialogue with the government is a road to nowhere and will only result in further bloodshed at a meeting with international peace envoy to syria lakhdar brahimi foreign minister sergei lavrov reiterated that dialogue is the only means to resolve the conflict he has also stated on numerous occasions that although russia condemns methods the syrian army is using in the war it will take no part in regime change and here is his response to the leader of syria's key rebel group who demanded moscow apologizes for what he described as support for president assad. but you know who she's been i understand that mr had tb is probably not very experienced in politics if he's looking to be a serious politician it is in his interest to hear our position from us and not from the media that sometimes distorts information so i'll repeat we're ready to talk to all opposition forces but we start from the premise that they sho
and america is great fun just the fiscal cliff is democrats and republicans over taxes. moscow says that the refusal of syria's key opposition coalition to enter into dialogue with the government is a road to nowhere and will only result in further bloodshed at a meeting with international peace envoy to syria lakhdar brahimi foreign minister sergei lavrov reiterated that dialogue is the only means to resolve the conflict he has also stated on numerous occasions that although russia condemns...
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tax immunity. they have a very cozy system of tax immunity. the tragedy is when you have an economy like greece's going to a tailspin and you have a massive immunization of national income, and the central bank is effectively kaput, you can really improve your tax collection methods because there is no income tax. people just do not make money any more. even the rich do not make money. other than the money they have already accumulated through geneva or frankfurt. they are not making money. how can you improve your tax mechanism when there's no income tax? that is the second question. the first question -- i am not worried about inflation at all. in this country, there is this fixation with quantitative easing. bernanke's attempt to stabilize the american economy. it is a policy that i have encountered ever since i came to this country. mr. bernanke is printing money. he is not printing money. if it were, you could talk about the loss potential, which is different from deflationary. but what exactl
tax immunity. they have a very cozy system of tax immunity. the tragedy is when you have an economy like greece's going to a tailspin and you have a massive immunization of national income, and the central bank is effectively kaput, you can really improve your tax collection methods because there is no income tax. people just do not make money any more. even the rich do not make money. other than the money they have already accumulated through geneva or frankfurt. they are not making money. how...
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Dec 27, 2012
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. >> i don't so how you could hammer out any kind of a grand bargain or large plan involving tax reform and entitlement changes in a matter of days. >> reporter: serious doubt is setting in. even starbucks is getting involved, writing "come together" on its cup. speaker john boehner says he's sitting this round out after failing to get enough house republicans to support his own plan just before christmas. >> i think boehner is being controlled unfortunately by the right wing. >> reporter: that leaves it up to majority leader harry reid and the rest of the senate to find a possible solution. aides say reid's plan would avoid tax increases for people making less than $250,000, eliminate big spends cut and restore unemployment benefits. >> i think you're likely to see a two-step process here. one sort of dealing with the immediate dynamic so you can deal with the larger situation. >> reporter: without a deal, bush era tax cuts will expire january 1st and deep spending cuts will set in. congress set up the deadline hoping it would force a compromise. so far, that's backfired. also flying b
. >> i don't so how you could hammer out any kind of a grand bargain or large plan involving tax reform and entitlement changes in a matter of days. >> reporter: serious doubt is setting in. even starbucks is getting involved, writing "come together" on its cup. speaker john boehner says he's sitting this round out after failing to get enough house republicans to support his own plan just before christmas. >> i think boehner is being controlled unfortunately by the...
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is it was a debt that was tax deductible or a student loans aren't tax deductible in fact you can't even discharge them with bankruptcy isn't there a massive i mean i have a we just chained an entire generation is that what you're talking about about look out absolutely i think we have a particularly our young people who have gone to school and studied hard and discovered they couldn't afford higher education in this strange economy of ours so they borrowed huge amounts of money only to discover that they're either not going to get a job or the income that comes with the job they can get makes it impossible for them to realize all of the goals personal familial community that they were led to expect it is a historical truism that the most dangerous political situation is to build up in people a level of expectations and then to smash the in possibility of realizing them over their heads that is a very dangerous mixture that's the j. curve isn't out of forgetting the economist who came up with that but his point was there when and i think thurston veblen wrote about this also that it's no
is it was a debt that was tax deductible or a student loans aren't tax deductible in fact you can't even discharge them with bankruptcy isn't there a massive i mean i have a we just chained an entire generation is that what you're talking about about look out absolutely i think we have a particularly our young people who have gone to school and studied hard and discovered they couldn't afford higher education in this strange economy of ours so they borrowed huge amounts of money only to...